Did the Colorado banks do better job than the failed banks than Silicon Valley Bank or Signature Bank? Let's hope.
At the 72 banks based in the state, deposits grew nearly 60% over the past three years, according to the FDIC. Of the 17 banks most active in Colorado, total deposits increased a more modest 30% over the same period, due in part to lackluster growth at Wells Fargo, the state’s largest bank with control over a fifth of deposits.
Solera National Bank, based in Lakewood, had deposit growth of 269%, while Points West Community Bank in Windsor was up 252%. Other Colorado banks that doubled their deposits during the pandemic include Timberline Bank in Grand Junction, First Western Trust Bank in Denver and Mountain Valley Bank in Walden.
Banks can also “lend” money out to the federal government by purchasing Treasuries and other government-supported debt-like mortgage securities. Normally those investments are considered more secure than making a business or real estate loan, but when interest rates spike, even “safe” assets like U.S. Treasuries can lose significant value.
The FDIC insures up to $250,000 on a single account, and while that may be enough for many consumers, it isn’t enough to cover commercial bank customers moving millions of dollars around a month. An estimated $6 trillion in U.S. bank deposits is uninsured, several times more than the $128 billion available to protect guaranteed deposits at the end of last year.
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